Research On Equity Incentive Project And Implementation Effect Of Thunisoft

In the context of the market economy,the problem of the separation of ownership and management in business operation leads to the separation of objectives between the owners and the management.The healthy and sustainable development of enterprises needs a good corporate governance structure.As a kind of incentive mechanism that can effectively solve the problem of enterprise entrustment and agency.It is helpful to solve the problem of agency cost,internal control and behavior short-termism caused by the continuous strengthening of operator’s interests.In order to establish a sound corporate operation mechanism,to establish and improve the company’s management incentive and restraint mechanism,mobilize the enthusiasm of enterprise management and core technical personnel,attract market talents,equity incentive mechanism is a good choice.Since the end of 2005,China securities regulatory commission promulgated the equity incentive management measures for listed companies(trial),China’s listed companies have started to implement equity incentive.But not every company’s equity incentive implementation has achieved the expected effect.Western countries implemented equity incentives decades earlier than China,relevant systems and the formulation of equity incentive are relatively perfect.China’s listed companies will refer to western countries when formulating equity incentive plans.However,the market environment,economic system and corporate governance structure of western countries are inconsistent with China’s situation.Therefore,they cannot be directly copied when making equity incentive plans.It is necessary to formulate a plan that is in line with the market environment of China and the development plan of enterprises to achieve the promotion of enterprise core competitiveness and achieve the effect of strategic business objectives.Thunisoft company selected in this paper has been among the top ten egovernment IT solution suppliers in China for many years,and enjoys the first market share in the field of court and procuratorate informatization construction.Its main products and technologies occupy a leading position in China,and it has been implementing equity incentive since its listing.This paper analyzes the design content of the company’s three different equity incentive plans,and studies the changes of personnel after implementation,the short-term market reaction of the equity incentive plan and the changes in agency performance after implementation.Summarize the advantages in the design of equity incentive plan,summarize its shortcomings,and give reasonable and feasible suggestions for the places that can be optimized.I hope to provide certain reference value for listed companies that implement the equity incentive plan.During the research process,it was also found that there are still many areas in which listed companies in China can develop and implement equity incentives.The design of related programs and the research on the effects after implementation need to be supplemented.